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The income statement of Bjorn ASA for the month of July shows net income of 2,273 based on Service Revenue 6,494, Salaries and Wages Expense
The income statement of Bjorn ASA for the month of July shows net income of 2,273 based on Service Revenue 6,494, Salaries and Wages Expense 2,425, Supplies Expense 1,370, and Utilities Expense 426. In reviewing the statement, you discover the following. 1. Insurance expired during July of 317 was omitted. 2. Supplies expense includes 262 of supplies that are still on hand at July 31. 3. Depreciation on equipment of 203 was omitted 4 Accrued but unpaid salaries and wages at July 31 of 385 were not included. 5. Services performed but unrecorded totaled 883. Prepare a correct income statement for July 2017. BJORN ASA Income Statement
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